The MLS® Home Price Index (MLS® HPI) was released by the Victoria Real Estate Board on November 1st, joining the Canadian Real Estate Association and 9 other Canadian real estate markets. The MLS® HPI is a new method of reporting sales statistics and price trends in the current market. In the past we looked at average prices in each large community, now we have access to statistics on the Benchmark (typical or standard) home and condo in smaller regions.
For example, instead of looking at an average price for all single family homes in Saanich East, you can now see the price trends on a benchmark (typical) home in Cadboro Bay.
The MLS® HPI will be available on the first of every month through the Victoria Real Estate Board, you can also contact me at anytime to get the current price trends or statistics for your home and neighbourhood.